Unaudited Financial Results for Q3 and 9 Months ended December 31, 2025, both on standalone and consolidated basis.
Awaiting price reaction for this filing.
The Board of Refex Renewables & Infrastructure Ltd approved its unaudited financial results for Q3 FY26 and the nine months ended December 31, 2025, on both standalone and consolidated basis. The statutory auditors (M/s ABCD & Co LLP) issued a clean limited review on the standalone results but flagged a 'Material Uncertainty Related to Going Concern' because the company has incurred losses and its net worth has been fully eroded. On the consolidated side, the auditors issued a Qualified Conclusion due to INR 375.50 lakhs of unsupported liabilities at two subsidiaries, along with INR 1,125 lakhs of prior-year liabilities written back as income without adequate evidence. The consolidated report also highlighted a going concern uncertainty, a subsidiary (SEI Tejas Private Limited) whose financials were prepared on a liquidation basis, and a foreign currency/FEMA compliance issue at another subsidiary.
This is a significant red flag for shareholders — the company's net worth is fully eroded on both a standalone and group basis, raising serious doubts about its ability to continue as a going concern. The qualified audit opinion on consolidated numbers and the liquidation-basis preparation of a subsidiary point to financial distress. Stock price could face negative pressure and investors should watch for any management action on capital infusion or restructuring.